Sagimet Biosciences (NASDAQ:SGMT) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Sagimet Biosciences (NASDAQ:SGMT) had its price target hoisted by investment analysts at Canaccord Genuity Group from $49.00 to $56.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 484.55% from the stock’s current price.

Other equities research analysts have also issued reports about the company. Oppenheimer reaffirmed an “outperform” rating on shares of Sagimet Biosciences in a research report on Friday, May 1st. Guggenheim reduced their price objective on shares of Sagimet Biosciences from $27.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Citizens Jmp decreased their target price on shares of Sagimet Biosciences from $35.00 to $12.00 and set a “market outperform” rating for the company in a report on Tuesday, May 19th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sagimet Biosciences in a research note on Friday, July 17th. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $26.33.

Sagimet Biosciences Stock Up 0.6%

Sagimet Biosciences stock traded up $0.06 during midday trading on Wednesday, hitting $9.58. The company’s stock had a trading volume of 396,812 shares, compared to its average volume of 1,164,076. Sagimet Biosciences has a 12 month low of $4.50 and a 12 month high of $10.06. The company has a market capitalization of $312.16 million, a PE ratio of -7.15 and a beta of 3.37. The stock’s 50-day moving average price is $7.34 and its 200-day moving average price is $6.50.

Sagimet Biosciences (NASDAQ:SGMT) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.01). As a group, equities analysts anticipate that Sagimet Biosciences will post -1.15 EPS for the current year.

Insider Activity

In other news, CEO David Happel sold 64,051 shares of the stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $7.76, for a total value of $497,035.76. Following the completion of the transaction, the chief executive officer directly owned 741,570 shares of the company’s stock, valued at approximately $5,754,583.20. This represents a 7.95% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Elizabeth Rozek sold 10,545 shares of Sagimet Biosciences stock in a transaction on Monday, July 20th. The shares were sold at an average price of $7.76, for a total value of $81,829.20. Following the transaction, the insider directly owned 224,414 shares of the company’s stock, valued at approximately $1,741,452.64. The trade was a 4.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 93,440 shares of company stock worth $719,441. Company insiders own 11.50% of the company’s stock.

Hedge Funds Weigh In On Sagimet Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SGMT. Renaissance Technologies LLC increased its stake in Sagimet Biosciences by 82.6% in the 1st quarter. Renaissance Technologies LLC now owns 625,469 shares of the company’s stock valued at $3,268,000 after buying an additional 282,969 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Sagimet Biosciences by 99.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 271,217 shares of the company’s stock worth $1,415,000 after acquiring an additional 135,178 shares during the last quarter. Dumac Inc. acquired a new stake in shares of Sagimet Biosciences during the 4th quarter worth about $421,000. China Universal Asset Management Co. Ltd. bought a new position in shares of Sagimet Biosciences in the fourth quarter worth $30,000. Finally, Royal Bank of Canada raised its stake in Sagimet Biosciences by 819.2% during the fourth quarter. Royal Bank of Canada now owns 4,927 shares of the company’s stock worth $29,000 after acquiring an additional 4,391 shares in the last quarter. Institutional investors own 87.86% of the company’s stock.

About Sagimet Biosciences

Sagimet Biosciences (NASDAQ: SGMT) is a clinical-stage biotechnology company focused on developing novel therapies for fibrotic diseases. The company’s lead program, CM-101, is a first-in-class fusion protein designed to neutralize the chemokine CCL24 and interrupt key drivers of tissue fibrosis. Preclinical data have demonstrated CM-101’s potential to block fibrotic signaling pathways in multiple organ systems, and the company has advanced the program into early-stage clinical evaluation for indications such as nonalcoholic steatohepatitis and systemic sclerosis.

In addition to CM-101, Sagimet maintains a pipeline of preclinical candidates targeting inflammation-driven fibrotic processes.